Suffice it to say, May was a busy month for real estate in the Salmon Arm/Shuswap areas, as well as the greater Okanagan region.
According to the Okanagan Mainline Real Estate Board (OMREB) report for last month's real estate statistics, home sales in the entire area were up 38% from April with 1,132 units sold. In the Salmon Arm/Shuswap area (which includes Revelstoke), single-family homes sales were up 8.22%, while the number of townhome sales jumped 61%.
In addition to more homes changing ownership, prices remain higher across the Shuswap region.
Last month, the average price for a single-family home was $440,089. That's up 15.76%. As has been the case this spring, inventory levels are down, especially for the townhome market, which saw a decrease of 22% in the number of new listings from April.
The president of the OMREB said the numbers for May reflect the spring cycle in real estate.
“Spring is typically a busy market and the May indicators certainly reflect that,” said Tanis Read in a statement. “We are seeing the effect of an increase in demand without the inventory of homes for sale to support it."
Read further notes the ratio of home sales to active listings, a measure of balance between supply and demand in the housing market, is currently 28% in the Okanagan region, and that a ratio above 20% typically indicates a seller's market.
That ratio for Salmon Arm and the surrounding area is 29.48% for single-family homes, so it continues to be a seller's market right now.